Nifty continues to make new all-time highs on Monday
- The value of the Nifty index rose to a new all-time high of 24999.75 on Monday morning.
- During this morning’s Asian trading session, the German 40 fell to 28260.0 level.
Nifty chart analysis
The value of the Nifty index rose to a new all-time high of 24999.75 on Monday morning. The index was on the verge of climbing for the first time in history to 25000.00. After that, we see a decrease in volume in that zone and a slight pullback. This morning, we had a new bullish attempt, which was stopped at 24973.00. The inability to continue further led to the initiation of a bearish consolidation up to the 24840.00 level. We are testing the weekly open price here, and the market is currently closed.
It will be interesting to watch how the Nifty opens tomorrow. It could easily happen that we see a bearish gap and a correction before proceeding to the bullish side again. That could trigger a pullback below the 24800.0 level. Potential lower targets are 24700.00 and 24600.00 levels. The first additional support is the EMA 50 in the 24650.00 zone.
German 40 chart analysis
During this morning’s Asian trading session, the German 40 fell to 28260.0 level. After that, the index stabilized and initiated a bullish consolidation. We are now at 18400.0 and looking for EMA 200 support to continue on the bullish side. By moving above 18450.0, we return to the positive side above the weekly open price.
Potential higher targets are the 18500.0 and 18550.0 levels. For a bearish option, we need a pullback of the German 40 index below the 18350.0 level. There, we will test the daily open price. The index is already under pressure by falling below the EMA 200 moving average. All in all, this will increase the pressure on the index to start a further retreat to the bearish side. Potential lower targets are the 18250.0 and 18200.0 levels.
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